Wind Turbine Market Growth Opportunity, Size 2023
The Compound Annual Growth Rate (CAGR) of the global wind turbine market is expected to be around 6.2% from 2022 to 2028.
Global Wind Turbine Market
Wind turbine market is segmented by type of wind farm, application and geography. Based on wind farm, wind turbine market is divided into onshore and offshore wind turbine. Based on application, the Global wind turbine market is classified into industrial, commercial, and residential. By geography, Global wind turbine market is categorised into North America, Europe, Asia-Pacific, and Latin America.
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Rising investment toward effective R&D of wind-based power technologies along with increasing acceptance of large capacity projects will expansively influence the growth in the Global wind turbine market. Expanding industrial contention has rendered significant decrease in the prices of rotor modules in line with effective effectiveness & volume manufacturing driving the growth in the Global wind turbine market. Furthermore, heavy investment for the production and installation of wind turbines hampers the growth of the market. Inefficiency in the supply chain is estimated to hinder industry demand over the forecast period.
The offshore wind turbine market is projected to large market share in the Global wind turbine market. Positive supervisory inclination coupled with long term incorporation targets will drive the global industry subtleties. Advanced efficiency and cost effectiveness are some of the important parameters which will accompaniment the industry dynamics. Enhanced operating activity figures when compared to its complements will further improve the technological demand.
Asia-Pacific dominates the global wind turbine market. India is the most rewarding country in the wind turbine market. There is addition of wind energy connection capacity along with growth in investment in wind energy and onshore wind energy projects. Furthermore, Europe is estimated to witness the highest growth rate owing to the upsurge in wind installation capacity which is more than any other form of power generation in Europe. Growth in investment for construction of new wind farms, project achievements, and refinancing operations are anticipated to boost the European wind turbine market.
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Some of the major key players in the Global wind turbine market includes Nordex Acciona, Senvion, Goldwind, MHI-Vestas, United Power, Vestas, Enercon, General Electric, Siemens Gamesa Suzlon, Envision Energy, Wobben, Mingyang, WEG SA, Clipper, Impsa, LM Windpower, Bergey, Northern Power Systems, and Enessere.
Scope of Global Wind Turbine Market:
Global Wind Turbine Market, By Type of Wind Farm
• Onshore
• Offshore
Global Wind Turbine Market, By Application
• Industrial
o Power generation
o Telecommunication
o Agriculture
• Commercial
• Residential
Global Wind Turbine Market, By Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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Key Players Operating In Global Wind Turbine Market:
• Suzlon
• Nordex Acciona
• Senvion
• Goldwind
• MHI-Vestas
• United Power
• Vestas
• Enercon
• General Electric
• Siemens
• Gamesa
• Envision Energy
• Wobben
• Mingyang
• WEG SA
• Clipper
• Impsa
• LM Windpower
• Bergey
• Northern Power Systems
• Enessere
